Saturday, December 31, 2022
Monday, December 19, 2022
Friday, December 16, 2022
Wednesday, December 14, 2022
Wednesday, December 7, 2022
Local Housing Market's Correction Continues
451 residential properties exchanged hands last month through the Multiple Listing Service® (MLS®) System of the London and St. Thomas Association of REALTORS® (LSTAR), 44% less than in November 2021. LSTAR Members' home sales included 336 single family homes, 64 condo townhouses, and 36 apartments - all significantly down from a year ago.
"In the last two years, the local housing market's frenzy was
artificially fueled by the socio-economic climate of the pandemic. Now, that
the socio-economic conditions are completely different, the local housing
market is in correction mode," said Randy Pawlowski, 2022 LSTAR
President. "The market is especially affected by the Bank of
Canada's interest rate hikes, which intensify buyer reluctance and weaken
people's purchasing power," he added.
While residential transactions were at their lowest point in the
last decade, the number of new listings climbed to 875 in November, a new
record high for the eleventh month of the year. This increased the level of the
local housing inventory, which sits now at 3.3 months.
"The housing demand is still high in our area, and with the
increased levels of inventory, local Buyers have now more choices and time to
shop for new homes. However, the uncertain economic conditions are keeping many
prospective Buyers on the sidelines," Pawlowski observed.
Compared to a year ago, the average home price decreased, but
remained higher than the figures seen in 2020 and before. LSTAR's overall
average home price was $615,247 in November, 7.8% less than a year ago, but
13.8% higher than in November 2020. On the other hand, the composite MLS® Home
Price Index (HPI) Benchmark Price was $575,500 last month, 10% down from last
year, and also 9.8% lower than in November 2020.
Friday, December 2, 2022
Thursday, December 1, 2022
December Newsletter ~ It's Beginning To Feel A Lot Like Christmas
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Tuesday, November 29, 2022
Tuesday, November 22, 2022
Wednesday, November 16, 2022
Tuesday, November 15, 2022
Tuesday, November 8, 2022
Friday, November 4, 2022
Thursday, November 3, 2022
LSTAR's News Release for OCTOBER 2022
Rising Borrowing Costs Further Soften Local Home Sales
In October 2022, the MLS® System of the London and St. Thomas
Association of REALTORS® (LSTAR) saw 975 new listings and 504 home sales. While
October's new listings were on par with the average value recorded for the
month of October throughout the last decade, the monthly home sales were at
their lowest point in the last ten years.
"This year's successive increases in interest rates put a big
dent in the local home sales activity and made the year-over-year price values
plunge. However, it's not all bad news: LSTAR's sales-to-new listings ratio
increased from 42.4% in September to 51.7% in October, which indicates a more
balanced market. Moreover, the overall average home price in the London-St.
Thomas region was a bit higher in October than during the previous month,
increasing from $635,256 in September to $640,570 last month," said 2022
LSTAR President Randy Pawlowski.
Compared to a year ago, both the average home price and the
composite MLS® Home Price Index (HPI) Benchmark Price edged slightly down but
remained higher than the figures seen in 2020 and before. LSTAR's overall
average home price was $640,570 in October, 4.1% less than a year ago, but
21.7% higher than in October 2020. The composite MLS® HPI Benchmark Price sat
last month at $584,200, 2.1% lower than last year, but 26.1% higher than in
October 2020.
Tuesday, November 1, 2022
November Newsletter ~ The PEDLAR Team Update
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